Like I said, it's the converting part. Don't think they would already have people there holding crypto in cold wallet that said, "Here, give you my cold wallet for USD." and especially in USD. True.
Oh. Just thought of something else. You can also exchange cash (maybe not USD) with someone who has a crypto account and a card too. I would think that work also.
Yeah you can do that... With someone that has as much crypto as you have cash but remember we're talking about large amounts of cash as in hundreds of thousands of dollars or more.... AND that person needs to be able to do something with that cash. If they can't take that cash and either turn it back into crypto or send it somewhere where they can deposit it into a bank account, they're simply not going to take it. They might as well convert their crypto into Chuck e cheese tokens.
My entire point is that it's just not simply a easy workaround in a country with sanctions.
Mind you I've been in the crypto space since about 2014 when Bitcoin was only a couple hundred dollars. I love blockchain technology but people have some misconceptions about it that it's some sort of magical work around for all types of activities and don't realize what kind of hurdles there are and the logistics behind the things that they think would be easy.
My friend, converting the cash to the crypto is the biggest bottleneck there.
Think about it for a second...
You have a few hundred thousand dollars in USD....
Who or where in Iran are you going to take that USD in order to turn it into crypto?
There are no crypto atms to speak of and the few that have been used there only accept local currency.
If you're only talking about already having crypto then yes, sending it out of the country is no problem really but that's not the issue.
Tell me exactly how you would convert pallets of cash that Obama just dropped you in Iran into cryptocurrency?
Like I said, it's the converting part. Don't think they would already have people there holding crypto in cold wallet that said, "Here, give you my cold wallet for USD." and especially in USD. True.
Oh. Just thought of something else. You can also exchange cash (maybe not USD) with someone who has a crypto account and a card too. I would think that work also.
Yeah you can do that... With someone that has as much crypto as you have cash but remember we're talking about large amounts of cash as in hundreds of thousands of dollars or more.... AND that person needs to be able to do something with that cash. If they can't take that cash and either turn it back into crypto or send it somewhere where they can deposit it into a bank account, they're simply not going to take it. They might as well convert their crypto into Chuck e cheese tokens.
My entire point is that it's just not simply a easy workaround in a country with sanctions.
Mind you I've been in the crypto space since about 2014 when Bitcoin was only a couple hundred dollars. I love blockchain technology but people have some misconceptions about it that it's some sort of magical work around for all types of activities and don't realize what kind of hurdles there are and the logistics behind the things that they think would be easy.
Yes, I know Obummer gave a truckful.
When I was looking (looking, mind you, wish I did something), BTC was $50 per coin. Oh, how I miss out.